My partner and I are planning to acquire a house in Canonbury and are in fact using a Canonbury conveyancing practice. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Yorkshire Building Society have this morning contacted us to inform me that there is now an issue as our Canonbury lawyer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Canonbury lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
Can your site be used to locate a Conveyancing solicitor in Canonbury even where I’m not buying or selling a house, for example where I want to acquire a shop in Canonbury with a mortgage from Clydesdale?
Our comparison service is mainly there to get a quote from residential conveyancing solicitors in Canonbury but we have set out towards the end of this page a selection of Canonbury commercial conveyancing firms. You should make contact with the company directly to check if they can also act for Clydesdale
My solicitor has informed me that chancel insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Canonbury?
The right level of chancel indemnity insurance should be dictated by who who your lender is. It would differ for example between Lloyds TSB Bank and Norwich and Peterborough Building Society. Conveyancing solicitors as opposed to borrowers take out such policies.
Are all Canonbury Conveyancing Quality Solicitors on the Coventry BS conveyancing list of approved solicitors?
It is true that some banks and building societies now use the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of firms.
Two weeks ago we had a mortgage agreed in principle with Principality. Canonbury conveyancing solicitors have been instructed. How long does it take for Principality to issue the offer to the conveyancer?
There is no definitive answer here. Have Principality conducted the survey? Have you informed Principality as to your lawyers' details and checked that your lawyers are on the Principality conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I require fast conveyancing in Canonbury as I am under a deadline to complete in less than 3 weeks. Thankfully I do not require a mortgage. Is it possible to avoid the conveyancing searches to save money and time?
As you are are a cash buyer you have the choice not to do searches although no conveyancer would suggest that you don't. With lots of history conveyancing in Canonbury the following are examples of issues that can be revealed and therefore impact the marketability of the property: Refused Planning Applications, Overdue Fees, Overdue Grants, Road Schemes,...
Are there restrictive covenants that are commonly identified as part of conveyancing in Canonbury?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Canonbury. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I've recently found out that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a simple, chain free conveyancing. Canonbury is the location of the property. Can you offer any guidance?
Flying freeholds in Canonbury are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Canonbury you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Canonbury may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.